SkyFX and Capital Option Clients Closer to Recovery of Client Funds

According to an announcement made by the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term), the parent company of Capital Option and SkyFX, two brokerages that have been under the intense scrutiny of regulator have been designated with a provisional liquidator.

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The bankruptcy proceeding is the first step towards the recovery of client funds by customers of the brokerages that are owned by TRADEMARKER (CYPRUS) LTD. Larnaca based Andrea Andronikou has been appointed as provisional liquidator on the case.

The appointment of a liquidator precedes recovery of client funds one way or another. As the bankruptcy proceeding unfolds, the provisional liquidator which is appointed on the case has the authority to act in the interest of clients of the brokerages.

If the funds in the company’s coffers and client funds accounts are not sufficient for the compensation of clients of the brokerages, the provisional liquidator will work in concert with CySEC to tap into the Cyprus Investors Compensation Fund (ICF), which is guaranteeing deposits of up to €20,000.

The process is likely to take some time, with clients of SkyFX and Capital Option expecting a resolution of the case for over a half a year now since CySEC has suspended the license of TRADERMAKER (CYPRUS) LTD.